Vintage Energy (ASX:VEN) announced the completion of its entitlement offer which closed on Feb. 28, according to a Friday Australian bourse filing.

The entitlement offer raised a total of AU$600,000 as of Thursday, inclusive of AU$150,000 via the shortfall offer.

It will issue 89.4 million new shares after receiving and accepting applications from retail shareholders. The new shares will rank equally with existing shares and will be available for trading from March 10.

The entitlement offer was not fully subscribed and almost 328 million new shares will be available under the shortfall offer, inclusive of the free-carried option for each new share, for up to three months from Feb. 28 at a price of no less than AU$0.005.

To date, it received applications for 30 million shortfall shares.

Each new share issued will have a free-carried option attached, which will have an expiry date of March 7, 2027, and an exercise price of AU$0.009.

Stralis Capital Partners was the lead manager of the entitlement offer and is the lead manager of the shortfall offer.